Dogecoin and Shiba Inu rise in price as Elon Musk doubles down on DOGE

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shiba inus and Dogecoin, the two biggest “meme coins” in the crypto market, are soaring today. At the time of writing, Shiba Inu, or SHIB, was up 28.2% in the past 24 hours while Dogecoin jumped 13%. The move follows comments by Tesla SpaceX CEO Elon Musk today at the Qatar Economic Forum in Doha, in which he reiterated his support for DOGE.

The price of Dogecoin, which is listed as DOGE, stood at $0.06751. It is the 10th largest cryptocurrency (again) with a market capitalization of $8.9 billion. Last week again, he occupied the 11th position.

Shiba Inu was trading for $0.00001048. The ERC-20 token (a cryptocurrency that runs on the Ethereum network) is a competitor to Dogecoin and the 14th-largest digital asset by market cap, at $5.7 billion.

Both cryptocurrencies, which don’t really have much use, are very volatile. Today’s price action likely has something to do with Musk, who has a habit of pumping up Dogecoin with his tweets and comments. Today, Musk doubled down on his support for DOGE in an interview with Bloomberg.

“I intend to personally support Dogecoin, because I just know a lot of people who aren’t that rich who encouraged me to buy and support Dogecoin, so I respond to those people,” he said. declared.

The billionaire entrepreneur also said his own employees asked him to support cryptocurrency. “They asked me to support Dogecoin, so I do,” Musk said.

Dogecoin was originally conceived in 2013 as a joke. Its creators thought that the world of Bitcoin and cryptocurrency was too serious, so I created an asset based on a dog meme.

Nobody really knew much about it, but then Elon Musk – the world’s richest man known for his wacky tweets – started posting memes of it on social media in 2020. He developed a cult following and his price skyrocketed.

Musk has since stated that Dogecoin could be a Bitcoin rival and used for payments – and the developers are currently working to make it a reality.

SHIB exploded onto the scene in 2021 as a “decentralized spontaneous community building experiment”. SHIB is an Ethereum-based token that is also based on the same Shiba Inu meme as Dogecoin. And like DOGE, the token has become a highly speculative asset that has generated significant returns for its early investors.

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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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